Fraud, Scams & Cybercrime

Singapore Police Arrest Man Over China Official Impersonation Scam

11/03/2021

The man received over S$209,000 from a woman who was told she was under investigation and needed to resolve the case.

Payments & Settlements

ACCC Accepts Visa Commitment to Address Competition Concerns

11/03/2021

Visa is legally bound to ensuring that merchants will not pay higher processing costs if they process debit card payments through eftpos rather than the Visa network.

KYC & CDD

SWIFT Embeds ESG Due Diligence in KYC Registry

11/03/2021

The integration of the ICC’s Guidelines into SWIFT’s KYC Registry allows corporates to only complete and update a single form to provide ESG information to different banking partners.

Fraud, Scams & Cybercrime

ICAC Charges Former AIA Employees for Fraud

11/03/2021

A former district manager and former insurance agent jointly face three counts of fraud for allegedly deceiving AIA into paying them commissions for three insurance policies.

Anti-Money Laundering

FSC Korea Proposes New Penalty Standards for VASPs

11/03/2021

FIs and VASPs can be penalised for failing to report and maintain records of suspicious transactions, and failures to properly manage customers’ transactions records.

Trading & Investment

Chinese State-backed Funds Intervene to Calm Market

11/03/2021

The government reportedly blocked social media mentions of the stock market while local media outlets downplayed recent market turbulence.

Operational Risk

APRA Accepts Court Enforceable Undertaking from Allianz

11/03/2021

Allianz Australia acknowledges previous risk and compliance weaknesses and emphasises its commitment to addressing these issues.

Structural Regulation

HK: BNO Passports May Not be Used for Early MPF Withdrawal

11/03/2021

MPF scheme members cannot rely on a BN(O) passport or its associated visa as evidence in support of an application for early withdrawal of MPF.

Liquidity Risk

FSC Korea Extends Easier Liquidity Rules for Banks

10/03/2021

The easier liquidity rules, introduced in April and extended in August, are now scheduled to end at the end of September.